Saudi crude output to fall to 9.8 million bpd in March: Falih

14/02/2019

World oil markets have been on a rollercoaster ride in recent months, with the OPEC+ group agreeing to cut back production again from January in order to reverse a slump in oil prices on abundant production and worries about slower global growth.

International Brent crude futures were up 1 percent, or 65 cents, at $63.07 per barrel.

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However, analysts are warning that record U.S. supply and anticipated economic slowdown later this year might start capping the world's oil markets.

The "call" on OPEC crude is now forecast at 30.7 million bpd in 2019, down from the IEA's last estimate of 31.6 million bpd in January.

Venezuela's diminished importance in the global oil market and as a supplier to the United States has emboldened the USA administration to take a tough approach in attempting to oust the government of Nicolas Maduro.

The March production figure means Saudi would be voluntarily cutting output by more than 500,000 bpd below its pledged production level under a deal between the Organization of the Petroleum Exporting Countries and allies led by Russian Federation.

The price has largely plateaued since then, in spite of the subsequent imposition of USA sanctions.

While US crude production is expected to grow by an amount that exceeds Venezuela's current output, the IEA warned that quantity is not the only important issue.

According to the agreement clinched in December, Saudi Arabia alone has reportedly reduced production of crude by almost 400,000 barrels per day to 10.24 million barrels. Analysts polled by Reuters forecast an increase of 2.7 million barrels.

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